World Economy

Germany Shifts Into Higher Gear

Germany Shifts Into Higher GearGermany Shifts Into Higher Gear

Stronger-than-expected growth among manufacturers helped Germany’s private sector expand at a faster rate in August, a survey showed on Friday, suggesting Europe’s largest economy is on track for a solid third quarter, Reuters reported. Markit’s flash composite Purchasing Managers’ Index,which tracks manufacturing and services activity that accounts for more than two-thirds of the economy, inched up to 54.0 from 53.7 in July. This was comfortably above the 50 mark that separates growth from contraction and marked the 28th consecutive month of economic expansion. “Germany’s private sector economy shifted into a higher gear in August with output and new orders both increasing at the sharpest rate in four months,” Markit economist Oliver Kolodseike said.